CHEMUNG FINANCIAL CORP

Chemung Financial reported a significant turnaround in its second quarter 2026 results, with net income reaching $8.81 million, or $1.82 per diluted share, compared to a net loss of $6.45 million, or $(1.35) per diluted share, in the prior year. This improvement was largely driven by a substantial increase in net interest income and the absence of significant securities transaction losses that impacted the previous year. For the first six months of 2026, net income was $18.01 million, up from a loss of $0.43 million in the same period last year. The company also saw growth in its loan portfolio and total assets.

Chemung Financial Corporation reported net income of $8.8 million, or $1.82 per share, for the second quarter of 2026. This represents a significant improvement from a net loss of $6.5 million in the prior year's second quarter, though slightly down from $9.2 million in the first quarter of 2026. The company highlighted strong operating results driven by an 18.8% increase in net interest income and a 62 basis point expansion in net interest margin year-over-year, benefiting from its 2025 balance sheet repositioning. Loan and deposit growth remained robust, and the company received conditional approval for its national bank charter conversion.

Chemung Financial Corporation reported net income of $8.8 million, or $1.82 per share, for the second quarter of 2026, a significant turnaround from a net loss of $6.5 million, or $1.35 per share, in the same period last year. The company saw net interest income increase by 18.8% year-over-year and net interest margin expand by 62 basis points to 3.67%. The CEO attributed the positive results to effective balance sheet repositioning, strong commercial loan growth, and increased customer deposits. Additionally, the Bank received conditional approval to convert its state charter to a national bank charter.

Chemung Financial Corporation announced that its Board of Directors has approved a quarterly cash dividend of $0.34 per share. The dividend is scheduled to be paid on July 1, 2026, to common stock shareholders of record as of the close of business on June 17, 2026. Chemung Financial Corporation is a $2.7 billion financial services holding company headquartered in Elmira, New York.

Chemung Financial reported a significant increase in net income and EPS for Q1 2026. Net income rose to $9.2 million, a 52.7% increase year-over-year, with basic and diluted EPS reaching $1.91. This growth was primarily driven by a strong 19.0% increase in net interest income and a substantial decrease in the provision for credit losses. The company also saw an increase in total assets and deposits quarter-over-quarter.

Chemung Financial Corporation issued a press release on April 17, 2026, announcing its results of operations for the three-month period ended March 31, 2026. This press release is furnished as Exhibit 99.1 to the current report on Form 8-K. The filing indicates the company's disclosure of its latest quarterly financial performance.

Chemung Canal Trust Company, a wholly-owned subsidiary of Chemung Financial Corporation, has filed an application with the Office of the Comptroller of the Currency (OCC) to convert from a New York chartered trust company to a national bank. The conversion is subject to approval by the OCC.